December 2016 News

Jammu & Kashmir Deposits Rs 15,000 Cr During Demonetisation Without Chaos

30 December 2016
Majid Hyderi

Srinagar: While Jammu and Kashmir remained conspicuous for not witnessing chaos at banks and ATMs in the wake of demonetisation, the trouble-torn state deposited around Rs 15,000 crores in financial institutions, mainly the J&K Bank. Different arguments back the unusual calm. One such argument is that the number of bank accounts in JK supersede the population. Officials say there are around 1.50 crore bank accounts in a state with the population of 1.25 crore. The second notion is that Kashmiri people have a traditional habit of stocking essentials for months together and thus usually don't run short of money to meet their daily needs. Another strong argument is that people of the militancy-infested region have learnt that the safest option to save money is banks. Still, the state made 'highest ever transactions' since November 8! Here are some interesting facts: The state-owned J&K Bank took a lead by bagging a giant share of transactions in the wake of the demonetisation. While a final statement is still underway, official sources said, the J&K Bank witnessed transactions worth Rs 9,161.24 crores till December 29. Of which Rs 106.82 Cr was exchanged and Rs 9054.42 Cr were deposited. Rs 5,721.52 Cr worth Rs 500 rupee notes and Rs 3,439.98 Cr worth Rs 1000 notes were deposited. The average transactions during demonetisation at all the banks till December 15 was Rs 14,312.48 Cr. Of this Rs 337.25 Cr were exchanged, Rs 13,975.23 Cr deposited. Rs 38,000 amount was held as counterfeit notes. Second highest transactions were done by State Bank of India at Rs 2,000 Cr. Political parties react: While the ruling Peoples Democratic Party -Bharatiya Janta Party leaders say the people will 'reap long-term benefits', the opposition is unimpressed. PDP spokesman Dr Mehbooba Beg, said: 'In principle, it's the right move. It will take time in this calculated risk but it will give benefits. But frankly speaking, I am not a technical expert to comment on this.' BJP spokesman Khalid Jahangir, said: 'If a country needs change and wants to progress, these steps have to be taken. Nepotism and corruption were at its peak. Black money was at its peak, so demonetisation was the need of the hour. Results will make India progressive in a long way. We may not see the results soon but it will definitely help the country in a long way and we need to realize this.' Senior NC leader, Aga Syed Ruhullah said: 'The idea was just not workable except for cities like Delhi and Bangalore. There are still places where people don't have the access to electricity. In our state, there are remote places like Gurez, Karnah and Ladakh where people crave for electricity when the government talks about ATMS. And if this ban was to fight corruption there should have been preparedness. Why should those having genuine money suffer if it was a strike on black money? Those having black money have evolved new means anyway, while only the common man suffers.' Congress leader Salman Nizami: 'Demonetisation, like most of Modi's failed economic policies, will ruin the economy. It has already hurt the poor besides making most Indians suffer. In my opinion, it will go down as a failure due to the many failed calls the government is taking every day.' CPIM leader MY Tarigami: 'It was a reckless move which was a big disappointment. It proved contrary to what PM had claimed that areas like black money, corruption and terrorism would be targeted. What exactly was achieved till now is huge discontentment among larger sections of the society including daily-wagers and the farmers. And the black money which is being discussed is a fraction of total black money which is either in foreign banks, real estate or in jewellery form. Corruption is as rampant as it was. There are charges of corruption even against the Prime Minister.'